Banking giant Barclays has announced that it has struck a deal to acquire more than one million credit card accounts belonging to internet bank Egg.

The proposed switch to Barclaycard, which is subject to regulatory approval, follows an agreement with Derby-based Egg's US owner, Citi.

The credit card portfolio is the largest part of Egg, which opened for business in 1998 as one of the UK's first internet-only banks. Other Egg products covering savings, insurance, loans and mortgage will remain with Citi, while the US bank has retained the Egg brand.